Minneapolis appraiser

Did the Home Seller Get a Good Price? The Absolutely, Positively Single Best Way to Tell

“Outlier” Comp’s — Both High & Low Wanna guess the single best way, bar none, to know for sure the Seller got a (very) good price for their home? It’s not whether the house sold especially fast, for full price (or higher!), or even received multiple offers. All those metrics can be misleading, for a...
Read More

Getting the CMA** ” and the Lender’s Appraisal ” Right: Big Adjustments = Dubious Adjustments

He Who Adjusts Least Adjusts Best” When it comes to pricing a home off of Comp’s (“Comparable Sold Properties”), the trick is to minimize both the number and absolute magnitude of the adjustments. The ideal would be a condo identical to its peers in every respect ” floor plan, size, condition, location, market conditions, etc....
Read More

Why Buyers Can Walk When the Home Doesn’t Appraise (at least in Minnesota)

“In Buyer’s Sole Discretion” Seller has agreed to sell the Property to Buyer for the sum of ($____________ ), which Buyer agrees to pay in the following manner:  1)  _____ percent (%) of the sale price in CASH, or more in Buyer’s sole discretion, including earnest money . . . ” —Lines 38. – 41., standard Minnesota Purchase...
Read More

Which of These Four Factors Are Relevant for Pricing a Home?

Seller Psychology vs. Market Reality Quick!  Which of the following are relevant for determining a home’s current value? A. What the owner/seller paid for it. B. What their neighbor sold their home for a year ago. C. What the another neighbor currently is listing their home for. D. How much money the owner spent on improvements. Answer:  none of...
Read More

Who Should the Listing Agent Meet Personally at the Seller’s Home?

Test your knowledge of modern residential real estate practice, and answer the following multiple choice question: Q:  Who should the listing agent (representing the Seller) meet at the home? A. The appraiser working for the Buyer’s lender; B. The home inspector doing the city Truth-in-Sale-of-Housing (“TISH”) inspection; C. The photographer; D. The Buyer’s home inspector. Correct...
Read More

“Coming Soon?” Try, “Already Here”: Appraisal-by-Algorithm

When Appraisals Don’t Matter (and When They Do) [Editor’s Note:  The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.] “Federal regulators have proposed loosening real-estate appraisal rules so a majority of homes can...
Read More
1 2